90 million litres stuck as NNPCL shuts petrol purchasing portal – Marketers

Oil marketers have raised concerns about a potential fuel scarcity following the shutdown of the Nigerian National Petroleum Company Limited (NNPCL) petrol purchasing portal.

The shutdown has prevented dealers from placing new orders for fuel, leading to supply disruptions.

According to marketers, over 90 million litres of petrol, worth approximately N79 billion, are pending delivery from NNPCL.

The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Chinedu Ukadike, confirmed that while marketers can still load fuel, they cannot access the portal to check prices or make new purchases.

READ ALSO:

• Rivers crisis: PDP moves against Fubara, demands suspension of LG elections
• Universities on verge of collapse over huge electricity bill – ASUU
• 74-year-old woman stabbed to death by boyfriend during heated argument

Ukadike stated that there are currently over 2,000 pending tickets for 45,000-litre petrol trucks, which amounts to a significant volume of fuel awaiting supply. He warned that the continued closure of the portal could result in another wave of fuel shortages across the country.

Other marketers, speaking anonymously, echoed concerns that the portal’s shutdown is already causing fuel shortages.

One marketer mentioned, “Everyone is affected because we all go to the NNPC portal to place our orders, and when the portal is inaccessible, supply is disrupted.”

As of now, there has been no official response from NNPCL spokesperson Olufemi Soneye regarding the situation. However, some marketers believe the portal was shut down temporarily to resolve backlogs of pending orders.

90 million litres stuck as NNPCL shuts petrol purchasing portal – Marketers

Naira appreciates to N1,685 in parallel market

The Naira yesterday appreciated to N1,685 per dollar in the parallel market from N1,700 per dollar on Monday.

Similarly, the Naira appreciated to N1,659.26 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,659.26 per dollar from N1,669.15 per dollar on Wednesday, indicating N9.89 appreciation for the naira.

READ ALSO:

• Bobrisky : Why I didn’t drag VeryDarkMan to court – Falana
• Minimum wage: Disquiet as FG makes selective payment
• US President Biden does not believe there will be ‘all-out-war’ in Middle East

The volume of dollars traded (turnover) in the official market increased sharply by 155.2 percent to $450.39 million from $176.45 million traded on Wednesday.

Consequently, the margin between the parallel market and NAFEM rate narrowed to N25.74 per dollar from N30.85 per dollar on Wednesday.

Naira appreciates to N1,685 in parallel market

Naira records marginal appreciation, exchanges for N1,700/$

The Naira yesterday appreciated to N1,700 per dollar in the parallel market from N1,705 per dollar on Monday.
Similarly, the Naira depreciated to N1,669.15 per dollar in the Nigerian Autonomous Foreign Exchange Market, NAFEM.

Data from FMDQ showed that the indicative exchange rate for NAFEM fell to N1,669.15 per dollar from N1,541.94 per dollar on Monday, indicating N127.2 appreciation for the Naira.

READ ALSO:

• FG exempts VAT payment on diesel, gas, electric vehicles
• Hire military contractors to wipe out Boko Haram, Ndume tells Tinubu
• Rivers govt declares Thursday, Friday public holidays for LG poll

The volume of dollars traded (turnover) in the official market declined by 2.97 percent to $176.45 million from $181.86 million traded on Monday. Consequently, the margin between the parallel market and NAFEM rate narrowed to N30.85 per dollar from N163.06 per dollar on Monday.

Naira records marginal appreciation, exchanges for N1,700/$